The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws.
The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.
The notice describes Binance Group as “an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform.”
Furthermore, the regulator noted that “Crypto-related investments are currently not regulated by the FSCA or any other body in South Africa.”
The Monetary Authority of Singapore (MAS) Tells Binance to Cease Providing Payment Services
Binance is also in trouble in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank that oversees the crypto sector in the country, issued a statement Thursday about Binance, stating:
MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act.
The central bank added: “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”
The MAS also listed Binance.com on its Investor Alert List, warning consumers that the company is not authorized to provide any payment services in Singapore. Binance Asia Services (BAS), a separate entity that operates Binance.sg, has applied for a license with the central bank.
Last week, Binance announced that it hired a former regulator as the new CEO for its operations in Singapore. Binance said it aims to become “a leader in regulatory compliance” as it pivots into a financial services company.
The global crypto exchange recently became the focus of many regulators, including those in the U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. They claimed Binance had been operating without authorization in their jurisdictions.